Housing Market Takes a Turn for Buyers

A typical home in the U.S. sold for less than the asking price for the four weeks ending June 23 for the first time since 2020 in a sign that buyers could see some relief from expensive homes that have characterized the housing market over the last few years.Buyers were able to purchase a home over the last four weeks at a 0.3 percent less than the asking price, according to the real estate platform Redfin.

The median sale price was up nearly 5 percent as of June 23 compared to a year ago to nearly $400,000. Meanwhile, mortgage rates, despite their recent deceleration, have hovered near 7 percent, elevating monthly payments.'Buyers may get a slight respite on costs soon. The growing likelihood that homes sell below asking price, along with the high share of sellers dropping their prices, could mean sale-price growth loses momentum,' Redfin noted.

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